NiSource (NI) Investor presentation summary

Strategic vision and value proposition

• Aims to be a premier, innovative, and trusted energy partner, focusing on safe, reliable, and competitive energy delivery.

• Differentiated by a diversified $28B five-year capital plan across electric generation, gas modernization, and infrastructure in six states.

• Regulatory mechanisms enable rapid capital recovery, with about 85% of spend recovered within 12 months.

• Strong balance sheet targets 14%-16% FFO/Debt, supporting 8%-9% adjusted EPS CAGR and 11%-12% total shareholder return through 2033.

• Focus on economic development, onshoring, and data center growth, leveraging innovation and favorable policies.

Financial performance and guidance

• Achieved 8.5% adjusted EPS CAGR from 2021-2025, consistently meeting or exceeding guidance.

• Projected 6%-8% annual base plan adjusted EPS growth and 8%-9% consolidated adjusted EPS CAGR from 2026-2033.

• Consolidated rate base expected to grow 9%-11% annually through 2033.

• Dividend payout ratio targeted at 55%-65%.

• Funding for $28B capital plan sourced 45%-50% from operations, 40%-45% from new debt, 5%-10% equity, and 3%-5% minority interest.

Capital investment and growth initiatives

• Five-year capital plan includes $21B base plan and ~$7B GenCo investments, with $0.4B for data centers in 2025.

• Capital allocation: 39% gas system hardening, 23% GenCo, 14% electric system modernization, 9% IT/facilities, 9% growth, 6% electric generation.

• 55% of investments recovered within 6 months, 30% in 7-12 months, 15% in 13+ months.

• Incremental opportunities include data center generation, electric transmission, gas modernization, and renewable natural gas infrastructure.